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Canadian 50 Advantaged Preferred Share Fund Declares Distribution

TORONTO, Dec. 18, 2012 /CNW/ - Connor, Clark & Lunn Capital Markets
Inc., the Manager of Canadian 50 Advantaged Preferred Share Fund (the
"Fund"), has declared a distribution of $0.1042 per Class A Unit and
Class F Unit of the Fund to be paid on January 15, 2013 to Unitholders
of record on December 31, 2012. The distribution is equivalent to
one-third of the current quarterly distribution per Unit.

*Distributions are expected to be characterized as 100% return of
capital.

The Fund's investment objectives are to provide (i) tax-advantaged
quarterly cash distributions consisting primarily of returns of
capital; and (ii) low-cost exposure to the total return approximating
that of the BMO Capital Markets 50 Preferred Share Index (the
"Preferred Share 50 Index"). The Preferred Share 50 Index is a market
value weighted index created in 1992 to provide a benchmark
representing the Canadian preferred share market and includes 50
Canadian preferred share issues that are listed on the Toronto Stock
Exchange which satisfy specific inclusion criteria.

Connor, Clark & Lunn Capital Markets Inc. (CC&L Capital Markets) is a
leading Canadian structured financial products investment firm that is
focused on creating and managing high quality investment vehicles that
will stand the test of time and ultimately allow our clients to achieve
their personal financial goals. Formed in 2001, CC&L Capital Markets
has designed, launched and currently manages several investment
vehicles, raising approximately $2.2 billion in assets since 2004.

As Canada's only multi-boutique asset management firm, Connor, Clark &
Lunn Financial Group is uniquely focused on creating the conditions for
success for its clients, partners and employees. The firm has offices
in Vancouver, Edmonton, Calgary, Regina, Toronto, Ottawa and Montreal
and through its affiliated investment managers is responsible for the
investment of over $42 billion in assets under management.